May 17, 1992

" 'EMILY, why do you want to write? Give me your reason.' " 'I want to be famous and rich,' said Emily coolly.

TOM SMITH used to spend his days nabbing suspects in burglaries, breaking up family disputes, patrolling the streets of Greenwich as a police officer. These days he is on sandbox detail or dish duty, or he is flipping the television from stock market reports to "Sesame Street." When Mr. Smith, who lives in Milford, injured his back on the job and retired from the police force, his wife, Margaret, was expecting their first child. Six months after Caitlin was born, Mrs. Smith went back to her sales job at A.T. & T. and Mr. Smith opted to stay home and take care of their daughter and the household. One recent morning he and Caitlin planted grass seed around their yard; another day they might drive to the Bronx to visit her grandmother or spend lunch romping at McDonald's.

SAM WITOFF of Oceanside had been caring for his wife, Gloria, at home since her Alzheimer's disease was diagnosed eight years ago. Like many other people, he took care of her because health insurance rarely pays for home aides for Alzheimer's patients. The disease, which has struck thousands of families on the Island and for which there is no known cure, affects entire households. Alzheimer's, and its cousins senility and dementia, usually occur after the age of 65, and their impact is likely to be felt increasingly as the Long Island population ages. Figures on how many people have these afflictions while living with their families are difficult to come by.

There's a party today at Broad and Wall Streets. Mickey Mouse will be there, and so will Nicholas Brady, celebrating the 200th birthday of the New York Stock Exchange. There will be carnival rides and a new postage stamp. Towering above will be empty offices, owned by Olympia & York. The Big Board deserves its party, even if it is just as well that the particular event being marked -- an agreement by a bunch of brokers to fix commission rates and form a cartel to exclude outsiders -- will not be closely examined.

EMPLOYMENT in the architectural industry in New York City has dropped 23 percent in the last two years, forcing firms to alter fundamentally -- and perhaps forever -- the way they do business. "It will never be the same again," said Michael A. McCarthy, a partner in Skidmore, Owings & Merrill, one of the largest firms in New York and the nation. "Beginning work in this city in 1964, I've had the chance to see a lot of ups and downs. This one, to me, is without a doubt the worst."